Taking care of your rental property can be time-consuming trying to stay on top of bill payments plus the ongoing burden of property upkeep and maintenance. Failing to keep up with property maintenance can lead to unnecessary expenses. However, such property expenses can be minimized with a well-managed regular maintenance plan. While there are many responsibilities left to the tenant, at the end of the day, it is your investment property, which means most issues will be yours to address. The general idea is to identify and resolve minor maintenance and repair issues before they become a major headache in terms of your time and money. Here are some suggested preventative maintenance tasks that property owners should consider:
- Appliances – While it’s your responsibility to fix what is broken, it is helpful to periodically inspect major appliances such as your dishwasher or your washer and dryer before they break. Check plumbing connections to dishwashers and clothes washing machines for signs of water leaks and replace corroded valves and fittings as required. The expense to replace a valve is small compared to the potentially disastrous consequences of a flood caused by a burst plumbing connection. For a clothes dryer, check the vent to ensure that air can flow freely. Lint buildup can cause vents to clog, which will reduce dryer performance and could pose a fire hazard.
- Locks And Windows – Taking care of the locks on the home is a matter of safety. After continued use, exterior door locks can become loose and potentially ineffective, making it easy for intruders to enter. If this should occur, damages to the home can be done such as broken windows and holes in the wall. While insurance typically covers this type of thing, it’s good to prevent that from ever happening.
- Water Heater – Often overlooked, it is important to do regular inspections of your building water heaters. If a water heater stops working one day, it can throw a wrench into a tenant’s morning when they’re trying to shower before work. Water heaters have boilers made of metal that corrode over time. If left for long enough, the base of your water heater will rot and eventually fail causing significant water damage. If your water heaters are older than 15 years, it’s time to have them replaced.
- Eavestroughs And Roof – Getting a roof inspection is an extremely cost effective way to keep your roof in its best shape. Have your eavestroughs cleaned at least once a year (in the fall or spring) to avoid clogging which may lead to leaks in the roof. Roof repairs end up being pretty expensive, so make sure to check the roof and eavestroughs are in their best shape.
Part of being a good landlord is providing an exceptional living space for your tenants. It helps to reduce tenant turnover, which in turn, gives your rental property more value. As an owner of a rental property it’s also important to be seen by your tenants to be maintaining the property. This will set the right example for your property as one with a high standard of upkeep that tenants are expected to follow. The alternative is that your tenants think you don’t care about the property, so why should they? If you’re in need of assistance with regular maintenance and upkeep of your Toronto investment property, contact the Property Managers at Bridgeway Property Management to simplify your life so you can get back to doing what you want to do.